MALAYSIA, Kuala Lumpur, 12 July 2023: With a vision and passion to solve the digital payment problems in emerging markets, India’s fintech giant and leading Full-Stack Payments, and Business Banking Platform, Razorpay, today announced the launch of its first international Payment Gateway for the Malaysian market with Curlec, now known as ‘Curlec By Razorpay’.
Having disrupted the recurring payments industry in Malaysia over the past 5 years, Curlec, is all set to revolutionise how Malaysian businesses accept digital payments by evolving from being a pure recurring payments player to a full-stack digital payment gateway. The company currently works with 700+ Malaysian businesses with notable names including Tune Protect, CTOS, Courts, Mary Kay and The National Kidney Foundation to name a few. The new Curlec Payment Gateway will serve more than 5,000 businesses with a target of RM10 Bn in annualised Gross Transaction Value (GTV) by 2025.
Today, South-East Asia (SEA) is a digital payment powerhouse with Malaysia being one of the fastest-growing digital economies in SEA. Digital trade in Malaysia today contributes to 22.6% to the country's GDP and is expected to rise to 25.5% by 2025, reflecting significant economic activity. By boosting digital technology adoption and leveraging digital trade opportunities, Malaysia and its businesses have the potential to achieve a remarkable 150% increase in economic activity, reaching $52.7 billion by 2030, according to industry sources. The growth is driven by Malaysia’s fast-growing digital economy (projected to be worth $35 billion in GMV by 2025), high mobile-phone penetration rate, and strong government support for the digital economy. Malaysia’s real-time payments system, also known as DuitNow, is another key catalyst for merchant acceptance of cashless payments and has significantly aided the emergence of mobile transactions. As a growing economy, the scope and need for more robust, reliable, and advanced payment solutions in these regions is undeniable.
Equipped with a profound understanding of digital payments, Razorpay India aims to bring about a revolutionary transformation in the payments landscape of Malaysia. By harnessing its cutting-edge solutions and leveraging its extensive experience, Razorpay India intends to incorporate the same innovative technologies for Malaysia that have successfully made their mark in the Indian market. Malaysian businesses will now have access to a solution that simplifies the process of payment collection, automates payouts, and empowers businesses of all sizes to control their cash flow.
Commenting on the launch of its First International Payment Gateway in Malaysia, Shashank Kumar, MD & Co-Founder, Razorpay India said, “We have always been aware that simplifying payments is a universal problem. We see great potential in SEA, we recognise the power of payments in Malaysia and what it means for businesses of any kind and size. We firmly believe that our extensive experience in operating within the diverse and dynamic market of India has prepared us to tackle different challenges and solve payment problems on a global scale. And so today, we are really excited to announce our first international Payment Gateway in Malaysia. When we joined forces with Curlec, our one single vision was to build products catering to the needs of the SEA region, and today the Curlec Payment Gateway is a first step in that direction. It is incredible to witness the scale and impact Zac, Steve & Team have created in the last year.”
Kumar added, “We believe the new PG in Malaysia will revolutionise how businesses & end-consumers have transacted and interacted with the money thus far. Having witnessed India’s payment geography and finding similarities with Malaysia, I can boldly say that collaboration, innovation, and customer-centricity will be the three keys to unlocking the potential of digital payments and driving economic growth in Malaysia.”
Zac Liew, Co-Founder & CEO of Curlec said, “We are very excited about bringing a first-of-its-kind offering for our Malaysian businesses. With the launch of our Payment Gateway, ‘Curlec by Razorpay’, we are now a full-stack payment solutions provider, combining the might of both worlds - world-class tech capabilities and an understanding of the local payment ecosystem. In the recent past, Curlec has enjoyed significant traction in insurance, lending, and savings, having tracked a 110% increase in transaction volumes. In the next two years, we expect Curlec to provide an unrivaled payment experience for our customers and target a growth of 10X.”
“Driven by the goal of simplifying payments for Malaysian startups and enterprises, Curlec will continue to build a stronger focus on customer needs, and the new PG will serve our Malaysian businesses with industry-first solutions, uncompromised support, and help scale their businesses seamlessly,” Liew added.
In February 2022, Razorpay announced its first international expansion into South-East Asia with the acquisition of a majority stake in Curlec. This launch will pave the way for Razorpay to further penetrate into international waters and make its capabilities available in emerging markets, while in parallel it continues to build and strengthen the central nervous system for Digital India.
Re-disseminated by The Asian Banker